Are we really the Peter Pan Generation?

By Maya Hattenstone | 1st March 2017

Are you like many of us still stuck living with the ârents? Forced to abide by their rules; no respect for our privacy; constantly being asked if weâre leaving without a coat – and all in the name of âcheapâ rent! As fun as it is and however much we love them, weâre pretty sure that most of us would love to fly the nest.

So are we really the generation choosing to live off the bank of Mum and Dad and refusing to grow up? Or are the costs of renting/buying a property, student fees and a competitive job market to blame?

Well if weâre honest, itâs probably a mix of both.

If youâre anything like us, itâs easy to live in the moment. Experiences mean more than possessions, and a mortgage just seems like a distant dream. But realistically, our YOLO attitude will only get us so far, and sooner or later weâre going to have to start seriously saving for our future.

This isn’t to deny that there are 99 problems (but being rich ain’t one). What we are saying is that however little money you have, you can still start to save. And we bet the majority of us would love to save enough to gain our independence.

Be thrifty with your clothes. You’ll probably be surprised by how many nice things there are buried in your wardrobe that you’ve not worn for ages. Check out this fashion bloggerâs top tips on how to find the best bargains on a budget.

Set yourself a goal for saving for getting that first monthâs rent or deposit â and use our great Pennies to Pounds app to help you stick to it.

Eat well on the cheap. Cut the junk, eat out less and ensure you write a shopping list before entering a supermarket. Also be careful of those 3 for 2 deals, do you really need 60 chicken nuggets today?

It sounds simple but make a budget, work out how much is coming in and how much is going out.

Join the sharing economy. Sharing car journeys can save Â£1,700 a year, get to know the food-swapping communities (such as The Food Swap Network), go to swap meetings to exchange unwanted possessions. Trust us itâs better than it sounds!

When youâre ready to move, shop around. Get advice from friends who have already been through this.

And of course, work out exactly how much you can afford to spend on rent or a deposit before committing to anything. A good rule of thumb is to add 30 per cent to rent to cover your actual housing costs.

Good luck, and remember however tough it is for young adults these days, there’s no time like now for starting on that road to independence.

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What is Money for Life?

Money for Life is a three-year programme inspiring a generation to make the most of their money. From empowering you to feel confident and start talking openly about money to providing high-quality training and crucial support systems; Money for Life equips 16-25 year olds across the UK with the knowledge, life skills and provision needed to manage their money. The three-year programme is delivered by UK Youth and is funded by Lloyds Banking Group.